Tips & Advice

Benefits of Taking Mobile Insurance


Before learning how to use all of its features, did you lose your smartphone? Look around if you have not lost your phone; you’ll quickly locate folks in your social circle who are making EMI payments on phones that are no longer in their possession.

If you have a pricey mobile phone and want to protect it from loss or damage, you can benefit from a mobile insurance policy in this aspect. If you have a history of losing or breaking your phone, getting a mobile insurance or phone insurance policy is a wise thing to do. Depending on the insurance you choose, you may be able to replace the same kind of smartphone that was lost, damaged, or stolen without having to switch to a phone with fewer features.

Mobile insurance, or phone insurance, would be quite useful if you depend a lot on your smartphone for daily tasks and would need a quick replacement in the event of damage.

These smartphones can be stolen, just like any other item. But, if you have mobile insurance coverage, you need not worry. In addition to theft, a mobile insurance plan also covers incidents involving software or other hardware problems with these pricey phones, as well as drops, liquid damage, screen damage, and any other mobile losses. Insurance coverage for phones can protect them from both internal and external harm.

What is Mobile Insurance?

When a mobile device is stolen or lost, there is a danger that the data on the device will also be lost or destroyed, leading to a variety of issues, including monetary loss. People today spend a lot of money on smartphones, so any problems with them can be quite expensive. In India, businesses are increasing their use of mobile insurance to solve these problems. These policies offer protection for all phone types, including smartphones, against theft or accidental damage.

What Are the Benefits of Mobile Insurance?

1. If the phone is stolen, it is very tough to get it back. Also, you lose all of your data when your phone is taken. Loss of money is one more problem linked to theft. Thus, since mobile insurance (or phone insurance) covers the price of a new phone, getting it makes sense to deal with such scenarios. In the event that your phone is stolen or damaged, insurance can help you avoid such a financial loss.

2. Modern mobile phones can be fairly expensive, and any type of breakage repair can be pricey. Given that it offers protection against breakage, buying mobile insurance may be a wise move.

3. Mobile phone insurance covers any water or other liquid damage to the phone. Moisture or humidity damage to a mobile phone is one more possibility, and this is mostly covered by insurance.

4. Expensive smartphones like Apple, Samsung, OnePlus, etc. would incur huge repair costs in the event of damage. It is better to have mobile insurance in order to avoid paying a big sum for phone repair.

5. If your phone is lost, you won’t be entitled to any warranty benefits. However, if you lose your phone, your phone insurance will reimburse you up to the sum insured.

6. If you have a history of misplacing phones, it is a wise investment.

7. You can get a new phone in the event of theft or damage, depending on the insurance coverage you choose.

8. Depending on the conditions of your policy, a mobile insurance cover also aids in offering a quick change of mobile phone in certain cases.

What Does Mobile Insurance Cover?

Here’s what mobile insurance covers:

  • New and Old Phones: You can purchase a mobile phone insurance policy for both new and old phones that you’ve owned for up to one year.
  • Screen Damage: Screen damage is covered by mobile insurance policies because it is essential to use mobile phones. The cost of replacing the phone’s screen is about half of what it originally cost, so it makes sense to buy insurance that covers screen damage.
  • IMEI-linked insurance coverage: The IMEI number of your mobile phone is what connects the coverage for the smartphone. It is a special number that identifies your phone. Thus, the insurance coverage still covers the phone even if the damage was not caused by you.

Mobile Insurance Online

When you buy your mobile phone online on e-commerce platforms, you will have the option of buying mobile insurance online. Along with the price of the phone, you can also pay for the mobile insurance online when making the final payments for the product. Else, you can buy mobile insurance online after buying your phone as well.

A mobile phone insurance policy does not cover claims relating to batteries, chargers, memory cards, intentional damage to the handset, loss or damage of a device that was not attended to, loss or damage as a result of poor maintenance, or pet bites. Also, certain businesses may impose a 48 to 72-hour waiting period before registering the policyholder with the insurance provider. Thus, claims made prior to this time may not be accepted.

Final Takeaway

Thus, you can make sure that an insurer will pay for the damages to your phone in exchange for a small premium payment. You won’t have to worry about replacing or fixing your phone thanks to this. Before buying mobile phone insurance online, read the sales brochure or policy wording for more information on the perks, exclusions, limits, and terms and conditions. You gain a lot of advantages by purchasing insurance coverage for your technology. You are protected from events like theft, loss, breakage, and water damage. You get paid for the cost of replacing the device. While you decide to hunt for mobile insurance online, Piramal Finance is a great option for you. To find out more about their financing solutions, such as credit cards, EMIs, and personal loans, visit their website.